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Federal Court Gives FinCEN Second Chance to Blacklist FBME Bank
By Colby Adams
printA federal judge on Friday granted the U.S. Treasury Department a second shot at blacklisting a Tanzanian financial institution for its purported facilitation of money laundering and sanctions violations. In a memorandum opinion, U.S. District Judge Christopher Cooper ruled that the department's Financial Crimes Enforcement Network, FinCEN, could rewrite a rule deeming FBME Bank Ltd. a "primary money laundering concern" under section 311 of the Patriot Act or consider "potential alternatives" to the designation. FinCEN requested the voluntary remand in September after FBME attorneys won a temporary stay on the designation a day before it was scheduled to take effect....
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